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BASIC TERMINOLOGIES OF ACCOUNTANCY

BASIC TERMINOLOGIES OF ACCOUNTANCY

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06-Jun-2023
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Ole, Accountancy, Accounts Online Classes, Basic Terminologies of accountancy, Online Classes, OLExperts, OLEXpert, Class 9, Class 11, Class 12, Class 10, Commerce Online classes, Free Accounts Class, CBSE, NCERT, Online Learning with Experts,

BASIC TERMINOLOGIES OF ACCOUNTANCY

Are you new to the commerce world? Do the terms of accountancy confuse you? Do you also think that these terms and facts are supposed to be known to only commerce stream students? 

 

Whether you are from a commerce stream or not, knowing some basic terms of accountancy will help you have a healthy financial conversation with anybody who is dealing in finance or talking about finance.

 

So, here is some terminology of accountancy that you must know,

 

Capital- The amount invested in the business is called capital 

 Long-term capital- Capital that is required to run the business for a long period.

Working capital- Capital required for the day-to-day activity of the business. To run the business smoothly it is much needed in the business.

 Debit and credit- When transactions are recorded in the books of accounts it is done using the debit and credit column of the books of accounts. The transaction gets debit when it results in an increase in assets or expenses or a decrease in a liability or when the party involved in the transactionreceives something from the business, on the other hand, the transaction getscredit when it results in a decrease in assets or expenses or an increase in a liability or when the party involved in the transaction gives or provides something to the business. 

 Assets- All the things that a business owns are called assets like fixed assets- land building, plant machinery, furniture, and intangible assets- trademark, patent, goodwill and copyright, any currentassets like stock, inventories, cash.

 Liability- A financial obligation of the business. The amount that a firm owes to outsiders except to its owners. 

 Cash credit- Cash credit is the short-term source of finance that is basically provided to businesses to meet their short-term credit requirement. It is a facility provided to the business by the bank to withdraw the amount from the bank account without having a credit balance.

Overdraft - It is a facility provided by the bank to its customer to withdraw the amount from the bank account in excess of the amount available in the bank account, purpose can be for personal work or for business.

 Goods-  Things that businesses purchased for resale or to produce the products meant to be sold. 

 Accounts payable- It is the amount payable to the supplier of goods or services in the course of business.

 Accounts receivable- It is the amount receivable on account of the sale of goods or services. 

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Relation between 3 sides of Triangle

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Relation between 3 sides of Triangle

Recent posts

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06-Jun-2023
Relation between 3 sides of Triangle

All categories

Tags

UPSC RRB SSC IBPS CTET UGC NET KVS NVS LIC Online Exam COVID Crisis CBSE CBSE Board CBSE Class 10 CBSE Class 12 Boards Result Class 10 Result Class 12 Result OLE Online Education Board Exams Skills World Youth Skills Day Online Learning Education ICSE Time Management CBSE New Assessment CBSE Class 9 CBSE Exams CBSE News News CBSE Board Exam Tokyo Olympics Tokyo Olympic Games Tokyo Olympics 2020 Olympic Games 2020 Tokyo Olympic Tokyo 2020 eRaksha e-rakhsha erakhsha2021 Cyber Peace Cyber Security Safe Internet Internet Security e-Raksha Competition e-Raksha Competition 2021 Online Classes Cyber Crime e-raksha essay e-Raksha Drawing PET UPSSSC UPSSSC Exams PET Exams Preliminary Eligibility Test Competitive Exams Taj Mahal Symmetrical Symmetry Do you know Did your know Taj mahal Mathematics Math OLExpert Online Learning Online Class Ole Accountancy Accounts Online Classes Basic Terminologies of accountancy OLExperts OLEXpert Class 9 Class 11 Class 12 Class 10 Commerce Online classes Free Accounts Class NCERT Online Learning with Experts English English Language English English Speaking English Dictionaries Online Learning with Expert OLE Education NCERt Entrepreneurs Business Expert Hindi Diwas Hindi Diwas 2021 Hindi Hindi Language Mother Tongue National Language Dual of Lights Nature of Lights Light Source of Energy Newton Huygen Law of Light Dual nature of light Physics Science Learn Science Nicola Tesla Nicola Tesla Struggle Nicola Tesla Inventions Tesla Biographies IBPS IBPS Clerk IIT-JEE 2022 kvpy NDA NEET olympiad NTSE Examination pattern SSC Stenographer SSC SSC selection Post SSC SSC MTS SSC CPO SBI SBI SO SBI PO SBICLERK IBPS SO Police Delhi police state police LEKHPAL VDO UPPET 2022 IBPSPO IBPSPO2022 IBPSPO_XII IBPSPO_EXAMS UPPCL UPPCL Executive Assistant UPEXAM SSCCHSL SSCCHSLResult SSCCPOSI SI Delhi Police IBPS_ClerkXII_Pre ibpsclerk2022 ssc Stenographer C & D SSC Stenographer C & D Exam 2022 upforestguard ibps ibps clerk ibps clerk result SBI PO 2022 sbi sbi clerk sbi clerk2022 SSC CGL CGL2022 SSCCGL UPSSSC PET UPPET pet 2022 pet 2022 shift 1 paper pet 2022 shift 1 exam analysis pet 2022 shift 1 answer key UPSSSCPET UPSSSCPET2022 SSC GD Constable Notification 2022 ssc exams ssc.nic.in ssc GD Latest Updates UPSSSC Junior Assistant Notification 2022 UPSSSC Junior Assistant 2022 UPSSSC UPSSSC Junior Assistant Main Examination allahabad high court recruitment allahabad high court vacancy 2022 allahabad high court group c salary allahabad high court group d salary ssc chsl ssc chsl 2022 chsl notifications 2022 nda notification 2023 nda syllabus 2023 nda application form 2023 ssc mts notification 2023 ssc mts 2023 ssc mts exam pattern CDS 2023 CDS Syllabus UPSC CDS Syllabus 2023 LIC AAO Notification 2023 lic aao syllabus lic aao exam pattern 2023 ssc cgl result 2022 tier 1 cut off ssc cgl tier 1 result 2022 pdf ssc cgl tier 1 result 2022 How to apply for Indian Coast Guard Navik GD & DB Recruitment 2023 Indian Coast Guard Navik GD & DB syllabus and exam pattern Indian Coast Guard Navik GD & DB Exam Date 2023 Indian Coast Guard Navik GD & DB salary CGL CGL Tier-1 PYP SSC GD Constable Result CTET CHSL RRB Refund Notice 2023 GD PST/PET PO JE Vacancy CPO Public Notice Normalisation Formula INA Post-preference Annual Calender MTS 2021 Final Result CRP Clerk Tentative Calender Filmfare Awards 68th General Knowledge JEE Mains Session-2 SO International Labour Day May Day Worker's Day CDS Written Exam World Press Freedom Index 2023 WPFI India Rank Top 10 Last 10 World Bank IMF Headquarter Shareholders Lifetime Achievement Award C.R.Rao Statistician International Award Women Premier League Cricket BCCI DC MI CRPF Question Paper Important Questions Abel Prize Importance History Winner Indian Folk dances States Constitution Amendments CCPI Climate Change Performance Index Biology Botany Zoology Branches Government Important Schemes Hydrocarbons Alkenes Alkanes Ethylene Acetylene Alkynes Electricity Bill Days National Evolution Atom solid space Water Boil Frozen Vapour Facts IIT Advanced Admit Card President Vice-president Prime minister Indian history Supreme Court Heart Fun facts Human Job Vacancies Interesting Fun facts chemistry biology Plant Kingdom Fungi Geometry Triangles Types Sides Relations Angles Artificial Intelligence ChatGPT Bard Google AI Fractions Divisibility Human Body Body Parts Liver Interesting facts Lines NTA Results UG Blood Donation World Blood Donor 14 June BUSINESS STARTUP INDUSTRIAL COURSES PROFESSIONAL COURSES JOB ORIENTED OPPORTUNITIES LEARNING PLATFORM BLOGS SCHOOL COLLEGES PROJECT BASED LEARNING E-LEARING TECHNOLOGIES Magical Rule Number System Maximum Power Natural Phenomena Lightning AC online education e-learning career technology online learning professional courses online courses free school book school trending Tier-1 Best Study Platform How to Make career Best Educational Institute Championship Test Match World Cup World Test Championship Final International Day Yoga 21 June Meditation Exercise Healthy Benefits child protection child labour labour prohibition 12 June social justice social justice for all school curriculums education academic goals industrial training certificates career oriented career goals career dream career Women's Hockey Junior Asia Cup certificate courses online certificates Online Certificate Courses Hunar India Government Jobs Atal Tinkering Lab Surds Incdices Football Hero Intercontinental National Day National Statistics Day CUET Answer Key Cyclone Biparjoy Countries Naming Tropical cyclones Lucknow courses certificate best institute goals National Day Doctor 1 July online business business courses Notification All Details IT certification online courses IT certification online test test series mock test examination mock series Mock Test Series Exam Prepration How To Get Your Career Goals HunarIndia Tax Taxation GST Tax Rate Universe Planets Space Rogue planets Solar System ORbit Axis Stars ATL ATAL TINKERING LAB Project based program NITI Aayog AIM HUNAR INDIA Government program Velocity Terminal velocity Force Speed Acceleration Bacteria Cyanobacteria Life Oxygen Semiconductor Inductor Chip War Earth Orbit Sun Rotation Magnetic field Magnetism Aeroponics Hydroponics Plant-growth Methoda Future techniques Frequency radio waves radiation electromagnetic Coriolis effect Equator Gravity Equador Indian Economy Economy GDP Growth Chandrayaan-3 Moon Solar system Rain Human Brain Brain UPI transaction UPI cardless transactions cash withdrawl Earthquake Nepal October 3 Animal Welfare Day Nobel Prize Medicine Kariko and Weissman Kariko Weissman Social Media Management System Branding Low-investment Freelancing Productivity Professionals Networking Online Platforms Photography Low Investment Skill Based Travel Agency Industrialisation Customer-Service Dietician Nutritionist Career couseling Career Opportunities Career Counseling Economist Social media Marketing Digital MArketing E-mail marketing Career Choice Podcasting Skill Business Ideas Fast Food Growing Industry SEO Search Engine Optimization Keyword Reasearch Content Creation Digital Professional Career development Social Entrepreneurship Public Speaking Profession Career Salon Beauty Project course Quality Management Quality Assurance Manager Trending Exporting Economics Export Import Development Trade Agriculture Support Upskilling Inflation Demand Supply Technology Job opportunities Skill up Personality development Correctives Inner Engineering Floriculture Cultivation Greenhouse Professional animation 2D & 3D Gaming System designer Computer Cyber crime Laws Hacking Firewall Artificial intelligence Technology Mobile application Technologies UI Coding Debugging MSME Businesses Entrepreneurship Consumer Psychology Customer Price Data privacy Ethical laws Cyber security Mining Economic growth Infrastructure Enivornment RBI Economy Inflation Currency stability Marketing Strategies Skill Automation Cryptocurency Investor Blockchain Railways Loco pilot Government job RRB ALP Assistant loco pilot Remote work culture COVID-19 New technologies Travel & tourism Adventure Travelling Explore Basic Finance Finance Career conselling Digital audio Meal prep Kitchen business Prepping Life skills Self awareness Positive thinking Public relations Communication Budget 2024 Government Empowerment Career counselling Globalization Blogging Opportunity Career Blog writing Storytelling Thinking abilities Pre-production Human resources Career opportunities HR Organic Environment-friendly Biodiversity Farming Influencer Branding Market strategy Grooming Image consulting Self-confidence Overseas Immigration Consultants Professional courses Represent Impact on career Social media Instagram Target audience Hashtag research Marketing Strategy Professional career Handmade Jewelry Creativity Happiness Coach Strong communication Hobby courses Digital art New technology Caricatures Artists Life skill Value education Engage in Dialogue Personal Growth Seek Guidance Renewable energy Green house Environment Green technology The Raman Effects Scientist Diabetics Diabetes Medical Health Social enterprises Collaboration Graphic Imagination Creation Creativity Software Developer IT Courses Junior software developer Advance technology Solar pump Technician Solar Energy Telecom Telecommunication Income taxes Capital income Income sources Cloud computing Internet security Language Courses International language Communication skills Best-selling Target-audiences Design thinking Online Tools for Design Thinking Empathy In Detail Programming language Coding Java Java core Java program Excel Excel sheet Advance excel Rooftop farming Organic farming Nail art Artist Nail makeover Spreadsheets Electronic Spread Sheet Data Accuracy Diet Weight loss Intermittent fasting Physical activity Health Heart Spacetravel Aging Content optimization Data science Festival Festive vibe Colors The color festival Holi Joy & Fun Epilepsy Purple day Seizures Awareness Psychoanalysis Psychotherapy Mentalhealth Psychologist Anxiety Personality Attitude Personality types Introvert Extrovert Cryptocurrency Gold reserves Curriculum Vitae Modeling Algorithum Frugal living Debt free community save money Budgeting Autism awareness Autism Autism spectrum Autism awareness month Autism spectrum disorder Pesticides Agriculture Insects marketingstrategy socialmediamarketing advertising contentmarketing nomadlife travel traveltheworld camping traveller neuroscience studyhacks studentlife anxiety lifehacks ppc seo digitalmarketing googleads payperclick languagelearning learning foreignlanguage multilingual linguistics stress mentalhealth selfcare wellbeing hacking hack security coding
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